Issue - meetings

The Council considered a report about Avon Pension Fund pooling of investments.

On a motion from Councillor Toby Simon, seconded by Councillor George Leach, it was unanimously

RESOLVED that the Council in its capacity as Administering Authority for APF, the Council agrees to:

1.  Implement required changes to investment pooling through the following arrangements;

  i.  APF becoming a shareholder in the new LPPI Holdings Ltd;

  ii.  APF’s assets will be transferred to LPPI Holdings’ subsidiary, LPPI Ltd, an FCA regulated investment company which will be operated in accordance with the shareholder agreement.

2.  Delegate to the Director of Assurance, Risk and Pensions, in consultation with the Chair of the Avon Pension Fund Committee, the powers to undertake tasks to progress these required changes to investment pooling, and to take such decisions deemed necessary to promote the interests of the Council and the Avon Pension Fund with respect to pooling. This will, without limitation, include agreeing and authorising financial expenditure or investment that may be required consequential upon the Council’s participation in LPPI and agreeing, authorising, and signing documentation and contracts on behalf of the Council in its role as Administering Authority of the Avon Pension Fund. This delegation is valid for 6 months and remains in force until 19 September 2026.

3.  That subject to the above, all such matters shall be carried out with the aim of achieving the target date for APF joining LPPI and moving its assets of 1 April 2026, and subject to such intermediate steps and timescales as may be considered appropriate and necessary by the Director of Assurance, Risk & Pensions, in consultation with the Chair of the Avon Pension Fund Committee.